Elon Musk on Dogecoin: Entertained if a Joke Will Become The Leading Cryptocurrency
21 Jul, 2021•2 min read•Altcoins
Elon Musk has a funny theory about why Dogecoin (DOGE) might conquer the crypto space. In his panel discussion with Jack Dorsey and Cathie Wood at “The B Word” online event, Elon Musk expressed an amusing theory about Dogecoin as an aside.When asked about the meme coin’s prospects, Tesla’s Founder first explained the traditional theory of Occam’s razor: “The simplest explanation is the most likely explanation.”He then expressed one of his friend’s variants of that theory: “The most ironic explanation is the most likely explanation.”Finally, Musk expressed his own theory: “The most entertaining explanation is the most likely explanation.”Under this theory, the Tesla CEO could see a future where Dogecoin, originally created as a joke, could somehow end up as the world’s leading cryptocurrency. The thought was given with some laughter from him and the panel’s moderator, so whether this is his actual opinion is hard to tell.The rest of the discussion was primarily focused on Bitcoin, but touched on the broader crypto space, including Doge, a couple of times.Musk does see Doge’s block size as a small advantage over Bitcoin due to its allowance for greater transaction speed, but acknowledges that Bitcoin is solving this problem with second-layer solutions and the lightning network.Musk hopes that a range of cryptos can continue to flourish, including both Bitcoin and Doge.
“It seems self-evident that we should take these sorts of actions which most likely make the future good… It’s probably better that there is a prosperous Bitcoin, Ether, and Dogecoin in the future, which will increase the power of the individual relative to the government.” According to Tesla’s Founder.